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IN RE FREEMARKETS INC.

November 1, 2005.

IN RE FREEMARKETS, INC. SECURITIES LITIGATION.


The opinion of the court was delivered by: TERRENCE McVERRY, District Judge

ORDER AND FINAL JUDGMENT

WHEREAS:

A. The above-captioned class action litigation is pending in this Court on behalf of a certified class of:

 
All persons who purchased the common stock and publicly-traded call options of FreeMarkets, Inc. ("FreeMarkets") during the period July 24, 2000 through April 23, 2001 (the "Class Period"). Excluded from the Class, however, are Glen T. Meakem and Joan S. Hooper, the Individual Defendants, members of their families, any entity in which any defendant is trustee or has a controlling interest, and any of their parents, subsidiaries, officers, directors, affiliates, legal representatives, heirs predecessors, successors, and assigns.
  B. On August 3, 2004, Lead Plaintiffs, Elaine Gagnon and Dale Lewis, acting on behalf of themselves and the Class, entered into a Stipulation and Agreement of Stipulation (the "Stipulation") with Defendants in this matter.

  C. Pursuant to the Preliminary Order in Connection with Settlement Proceedings, dated August 16, 2005 (the "Preliminary Approval Order"), the Court scheduled a hearing for October 28, 2005 at 9:30 a.m. (the "Settlement Hearing") to determine: (a) whether the proposed Settlement of the claims in this matter against Defendants on the terms and conditions provided for in the Stipulation is fair, reasonable and adequate and should be approved by the Court; (b) whether the claims against Defendants should be dismissed with prejudice as set forth in the Stipulation; (c) whether the proposed Plan of Allocation is fair, reasonable, and adequate and should be approved; and (d) whether the application by Lead Counsel for an award of attorney fees and reimbursement of litigation expenses and costs should be approved.

  D. The Court further ordered that Plaintiffs' Counsel have caused a Notice of Pendency of Class Action, Proposed Settlement, Settlement Fairness Hearing, and Right to Share in the Settlement Fund (the "Notice"), be mailed by first-class mail, postage prepaid, to all Class Members at the address of each such person or entity as set forth in the records of the transfer agent for FreeMarkets, Inc. ("FreeMarkets"), or who otherwise could be identified through reasonable effort, and that a Summary Notice of the proposed Settlement (the "Publication Notice"), be published in the Investors Business Daily, within ten (10) days of the mailing of the Notice.

  E. The Notice and the Publication Notice advised Class Members of the date, time, place and purpose of the Settlement Hearing. The Notice further advised that any objections to the Settlement, the Plan of Allocation or the application for attorney fees and reimbursement of expenses were required to be filed with the Court by October 8, 2005.

  F. The Notice and the Publication Notice also advised Class Members of their right to request exclusion from the Class by sending a written request for exclusion from the Class to the Claims Administrator, Strategic Claims Services.

  G. The Affidavit of Paul Mullholland, CPA, CVA, President of Strategic Claims Services, attesting to the mailing of the Notice and the publishing of the Publication Notice was filed with the Court on October 14, 2005.

  H. On October 14, 2005, Lead Plaintiffs moved for final approval of the Settlement as set forth in the Stipulation and the Plan of Allocation of the Settlement Fund as set forth in the Notice. Counsel for Plaintiffs also filed a Motion for An Award of Attorneys' Fees and Reimbursement Of Expenses. Plaintiffs' counsel requests attorneys fees in the amount of $1,020,000, which represents thirty percent (30%) of the $3,400,000 Settlement Fund. Plaintiffs' counsel also requests reimbursement of expenses in the amount of $56,110.21.00.

  I. The Settlement Hearing was duly held before this Court on October 28, 2005, at which time all interested persons and entities were afforded the opportunity to be heard.

  J. No objections were filed and no one appeared at the hearing on October 28, 2005, to voice objection to the proposed settlement. Further, no requests for exclusion from the Class were filed.

  K. At the hearing, Plaintiffs' counsel noted that the funds for the settlement have already been paid into an interest bearing account.

  L. This Court has considered the arguments of counsel, the documents described above, all other pleadings, papers and submissions presented with respect to the proposed Settlement and award of attorneys' fees and reimbursement of expenses, and has held a hearing ...


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